Ripple CEO Brad Garlinghouse has expressed his gratitude for the support shown by the XRP community amidst the ongoing legal battle with the SEC. Despite the challenges and developments between both parties, Ripple leadership has acknowledged the community’s support.
Garlinghouse recently participated in the XRP Las Vegas 2023 meeting and praised the community’s camaraderie, stating that he cannot adequately express his gratitude. The event, organized by Digital Perspective founder Bradley Kimes, is a two-day conference exclusively dedicated to members of the XRP community. Ripple is optimistic about the outcome of the legal case and anticipates it will be concluded in the first half of 2023.
Ripple vs SEC’s latest developments
Pro-XRP lawyer John Deaton has claimed that recent developments have weakened the SEC’s case against Ripple, including a legal document that acknowledges the purchase of XRP as an investment of money into a common enterprise. Deaton criticized the SEC’s argument, stating that it potentially captures all future sales, even in countries that may recognize XRP as a fiat currency, which could be seen as overreach.
These developments could have implications for the outcome of the legal case and the broader regulatory framework for cryptocurrencies. Ripple has criticized the regulator for enforcing regulatory action without providing clear rules for crypto players in the United States.
The lack of clarity on what the SEC considers security has been a point of contention, with many industry insiders hoping that the Ripple case will provide much-needed clarity. Meanwhile, XRP continues to trade in tandem with the general market, with the token trading at $0.46 at press time with daily gains of about 0.65%.
